SINGAPORE – A total of 77 people aged between 17 and 71 are being investigated for their involvement in unauthorized money lending activities.
Police announced on October 23 that this follows an island-wide operation carried out from October 14 to October 18.
According to preliminary investigations, 11 people are suspected of harassing debtors at their homes, and 23 are believed to be runners who facilitated unauthorized money lending activities such as ATM transfers.
The remaining 43 people are believed to have opened bank accounts and passed on bank account, ATM card and/or internet banking token details to facilitate unauthorized money lending activities.
Police advised people to avoid unlicensed moneylenders who “do not hesitate to engage in persistent and dangerous harassment of borrowers and their families.” This includes setting fires to houses, scattering paint, and locking gates with chains or bicycle locks.
Penalties
Under the Money Lending Business Act, a person who uses a bank account, cash card, or internet banking token to lend money to an unlicensed money lender is presumed to have aided the unauthorized money lending business.
First-time offenders can face up to four years in prison, a fine of between $30,000 and $300,000, and six strokes of the cane.
Anyone who commits or attempts to commit harassment on behalf of an unlicensed moneylender can be sentenced to up to five years in prison, a fine of $5,000 to $50,000, and three to six lashes of the cane for a first offense. There is a gender.
Foreign nationals who borrow from or provide assistance to unauthorized money lenders will have their student or work permits revoked and will be deported from Singapore.
Anyone with information about anyone who may be involved in unlicensed moneylending can call police on 999.
